NYSE: IRM
Iron Mountain
Real Estate · Real Estate Investment Trusts
52-week range
$77.77$134.68
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$37.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.57B |
| FY2017, ended Dec 31, 2017 | $10.8B |
| FY2018, ended Dec 31, 2018 | $9.28B |
| FY2019, ended Dec 31, 2019 | $9.16B |
| FY2020, ended Dec 31, 2020 | $8.50B |
| FY2021, ended Dec 31, 2021 | $15.2B |
| FY2022, ended Dec 31, 2022 | $14.5B |
| FY2023, ended Dec 31, 2023 | $20.5B |
| FY2024, ended Dec 31, 2024 | $30.9B |
| FY2025, ended Dec 31, 2025 | $24.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $37.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$7.56B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.51B |
| FY2017, ended Dec 31, 2017 | $3.85B |
| FY2018, ended Dec 31, 2018 | $4.23B |
| FY2019, ended Dec 31, 2019 | $4.26B |
| FY2020, ended Dec 31, 2020 | $4.15B |
| FY2021, ended Dec 31, 2021 | $4.49B |
| FY2022, ended Dec 31, 2022 | $5.10B |
| FY2023, ended Dec 31, 2023 | $5.48B |
| FY2024, ended Dec 31, 2024 | $6.15B |
| FY2025, ended Dec 31, 2025 | $6.90B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $7.56B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $105M | $215M |
| FY2017, ended Dec 31, 2017 | $170M | $378M |
| FY2018, ended Dec 31, 2018 | $354M | $475M |
| FY2019, ended Dec 31, 2019 | $267M | $274M |
| FY2020, ended Dec 31, 2020 | $343M | $549M |
| FY2021, ended Dec 31, 2021 | $450M | $148M |
| FY2022, ended Dec 31, 2022 | $557M | $52.3M |
| FY2023, ended Dec 31, 2023 | $184M | −$226M |
| FY2024, ended Dec 31, 2024 | $180M | −$595M |
| FY2025, ended Dec 31, 2025 | $145M | −$932M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $419M | −$491M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$205M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $236M |
| FY2017, ended Dec 31, 2017 | $926M |
| FY2018, ended Dec 31, 2018 | $165M |
| FY2019, ended Dec 31, 2019 | $194M |
| FY2020, ended Dec 31, 2020 | $205M |
| FY2021, ended Dec 31, 2021 | $256M |
| FY2022, ended Dec 31, 2022 | $142M |
| FY2023, ended Dec 31, 2023 | $223M |
| FY2024, ended Dec 31, 2024 | $156M |
| FY2025, ended Dec 31, 2025 | $159M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $205M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$17.3B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.25B |
| FY2017, ended Dec 31, 2017 | $7.04B |
| FY2018, ended Dec 31, 2018 | $8.14B |
| FY2019, ended Dec 31, 2019 | $8.66B |
| FY2020, ended Dec 31, 2020 | $8.70B |
| FY2021, ended Dec 31, 2021 | $9.27B |
| FY2022, ended Dec 31, 2022 | $10.6B |
| FY2023, ended Dec 31, 2023 | $11.9B |
| FY2024, ended Dec 31, 2024 | $13.7B |
| FY2025, ended Dec 31, 2025 | $16.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $17.3B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 12.9% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.298M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 264M |
| FY2017, ended Dec 31, 2017 | 285M |
| FY2018, ended Dec 31, 2018 | 286M |
| FY2019, ended Dec 31, 2019 | 287M |
| FY2020, ended Dec 31, 2020 | 288M |
| FY2021, ended Dec 31, 2021 | 290M |
| FY2022, ended Dec 31, 2022 | 291M |
| FY2023, ended Dec 31, 2023 | 292M |
| FY2024, ended Dec 31, 2024 | 294M |
| FY2025, ended Dec 31, 2025 | 296M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 298M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $139M more issued than bought back
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| Period | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $29.0M | $0 | $1.84B |
| FY2017, ended Dec 31, 2017 | $30.0M | $59.1M | $83.0M |
| FY2018, ended Dec 31, 2018 | $31.2M | $8.72M | — |
| FY2019, ended Dec 31, 2019 | $35.7M | $0 | — |
| FY2020, ended Dec 31, 2020 | $37.7M | $0 | — |
| FY2021, ended Dec 31, 2021 | $61.0M | — | — |
| FY2022, ended Dec 31, 2022 | $56.9M | — | — |
| FY2023, ended Dec 31, 2023 | $73.8M | — | — |
| FY2024, ended Dec 31, 2024 | $118M | — | — |
| FY2025, ended Dec 31, 2025 | $140M | — | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $139M | — | — |
Revenue (TTM)
$7.56B
+17.4% YoY
Net income (TTM)
$419M
+913% YoY
Cash
$205M
−6.1% YoY
Total debt
$17.3B
+11.2% YoY
Valuation
At current price- Market Cap
- $34.7B
- P/E
- 82.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.6×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 20.7×
Growth
Trailing 12 months- Revenue (TTM)
- $7.56B
- Revenue Growth YoY
- 17.4%
- Revenue CAGR 3Y
- 10.6%
- Revenue CAGR 5Y
- 10.7%
- EPS Growth YoY
- 907%
- Net Income Growth YoY
- 913%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 18.8%
- Net Margin
- 5.5%
- FCF Margin
- −6.5%
- Return on Equity
- n/m. Net income (TTM) / average equity
Earnings
Trailing 12 months- Net Income
- $419M
- EPS (diluted)
- $1.41
- EBITDA
- $2.51B
- Operating Income
- $1.42B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $205M
- Total Debt
- $17.3B
- Net Debt
- $17.1B
- Total Assets
- $22.0B
- Total Liabilities
- $22.9B
- Shareholders' Equity
- −$1.28B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.66B
- Capital Expenditure
- $2.15B
- Free Cash Flow
- −$491M
Dividends and risk
Last 12 months- Dividend Yield
- 3.0%
- Dividend / Share
- $3.46
- Beta (5Y)
- 1.17
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 17.4% year over year, at $7.56B.
Strength
Operating margin widened 2.5 pts in a year, to 18.8%.
Watch
Net debt is 6.8× EBITDA ($17.1B), a heavy load.
Watch
Free cash flow was negative (−$491M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 12, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K69Mildly positive
69Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 14, 2025 · Read the filing on EDGAR
- Revenue rose 12.2% to $6.15 billion and operating income rose 9.5%, but net income slipped 1.9% to $184 million because interest costs rose.
- Interest expense jumped $135.6 million to $721.6 million as total debt grew to about $13.8 billion.
- Data center revenue grew 25.3%, and the IT equipment recycling business (ALM) recovered, helped by buying Regency Technologies.
- Capital spending rose to $1.9 billion and is expected to reach about $1.95 billion in 2025. Project Matterhorn should finish in 2025 after about $150 million more in costs.
Business momentum
Improving
“Revenues $ 6,149,909 $ 5,480,289 $ 669,620 12.2 %”
Outlook
Positive
“We expect continued total revenue and Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") growth in 2025”
Financial stress
Low
“We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of December 31, 2024.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Data center business growing fast
“Segment Revenue $ 620,028 $ 495,026 $ 125,002 25.3 % 25.0 % 2.8 % 22.2 %”
Adjusted EBITDA up 14% and margins wider
“Adjusted EBITDA Margin for the year ended December 31, 2024 increased 60 basis points from the prior year driven by favorable overhead management”
ALM recycling business recovered
“organic service revenue growth in our ALM business as a result of increased volume and improved component pricing”
Concerns
Rising interest costs eat into profit
“Interest expense, net increased $135.6 million to $721.6 million in the year ended December 31, 2024 from $585.9 million”
Heavy debt, little cash and negative shareholder equity
“our total long-term debt was approximately $13,836.4 million, stockholders' deficit was approximately $503.1 million and we had cash and cash equivalents of approximately $155.7 million.”
Spending much more than operations bring in, paid for with new debt
“we expect total capital expenditures of approximately $1,950.0 million for the year ending December 31, 2025.”
New risks since the previous report
AI rules and use of AI tools add compliance and cybersecurity risk
“emerging AI regulations, increasing use of AI and generative AI tools and their integration into our businesses may require additional resources and create additional compliance and cybersecurity risks.”
Upcoming payments for acquisitions
“In March 2025, we will be required to make an additional payment of approximately 9,600.0 million Indian rupees (or approximately $112.2 million”
Regency earnout of up to $200 million
“a performance-based contingent consideration with a potential earnout range from zero to $200.0 million based upon achievement of certain three-year cumulative revenue targets”
Tariffs and power limits could raise data center building costs
“continued inflationary pressures or high interest rates, tariffs, delays in construction, limited financing availability, constrained supplies of new power”
Biggest risks named
- About $13.8 billion of debt and rising interest costs
- Heavy data center spending, construction costs and uncertain demand
- Customers moving from paper and tape to digital storage
- ALM business depends on a few large customers, prices and China
- Carrying out Project Matterhorn and integrating acquisitions
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 12, 2026 | Pro | |||
| 10-K | Feb 14, 2025 | 69 | Improving | None | |
| 10-K | Feb 22, 2024 | 43 | Sharp deterioration | 1 minor | |
| 10-K | Feb 23, 2023 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 24, 2022 | 60 | Mixed | None | |
| 10-K | Feb 24, 2021 | 68 | Improving | 1 minor | |
| 10-K | Feb 13, 2020 | 36 | Mixed | 2 minor | |
| 10-K | Feb 14, 2019 | 60 | Strong improvement | None | |
| 10-K | Feb 16, 2018 | 63 | Strong improvement | 1 minor | |
| 10-K | Feb 23, 2017 | 46 | Mixed | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR